I know Dimension currently has them, but they need a have a new development in development every five years or so (which is why they've churned out so many low budget DTV sequels) or they will loose the rights.
But to who?
Who will the rights revert to if Dimension loses them? Who is the ultimate owner?
Tesla was robbed!
Good question. I think they would revert back to Clive Barker, but I'm not positive on that. He wrote the source material that the first movie was based on, and he also directed the first movie, so I'm sure he would be considered the original owner.
If he was dead, it would pass to his estate and living relatives. If it had been long enough, it would enter public domain and anyone could use it (think Dracula and Frankenstein and all the versions out there).
Again, not sure, but I'm pretty sure thats how things work.